Wegovy-maker Novo Nordisk has pushed out CEO Lars Fruergaard Jorgensen over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.
Novo Nordisk announced the decision on Friday.
Days earlier, Novo Nordisk cut its sales and profit forecast for the first time since the launch of Wegovy four years ago, though Jorgensen had predicted a return to growth in its biggest market in the second half of this year.
Novo’s chairman, Helge Lund, tried to reassure analysts and investors on a call that the company’s strategy was intact and the plan for executing it had not changed.
He told the Reuters news agency that discussions to replace Jorgensen had occurred over the past few weeks. Novo said earlier that Jorgensen will remain in his role until a successor is found.
Under Jorgensen’s leadership, Novo Nordisk became a world leader in the weight-loss drug market, with skyrocketing sales of its Wegovy and Ozempic treatments.
Analysts and investors were unconvinced of the need to replace him.
“He was leading the company for eight years and was, in my opinion, extremely successful,” Lukas Leu, a portfolio manager at Bellevue Asset Management, told Reuters.
Danske Bank analyst Carsten Lonborg Madsen was similarly caught off guard.
“The way we know Novo Nordisk is that normally you have patience when you’re on the right track, and then you let things move in the right direction once you have the strategy right,” he said.
“It just feels like there’s something that has gone pretty wrong here,” he said on the call.
Novo’s shares have plunged since hitting a record high in June last year as competition, particularly from US rival Eli Lilly, makes inroads into its market share and as its pipeline of new drugs has failed to impress investors.
“The changes are made in light of the recent market challenges Novo Nordisk has been facing, and the development of the company’s share price since mid-2024,” Novo said in its statement.
Shares down
Jorgensen, at 58, has been CEO since 2017. He said in an interview with Danish broadcaster TV2 that he did not see the decision coming, and was only informed very recently.
Booming sales of Wegovy helped make Novo the most valuable listed company in Europe, worth $615bn at its peak in June last year, but its market value has halved to about $310bn.
Novo Nordisk’s share price fell on the news, trading 0.8 percent lower by 14:01 GMT after being 4 percent higher earlier in the day.
The shares are down 32 percent year-to-date and 59 percent from their all-time high.
Eli Lilly has seen US prescriptions for its Zepbound obesity shot surpass Wegovy since mid-March in its biggest market. Eli Lilly shares were up 2.6 percent after the news.
Camilla Sylvest, Novo’s head of commercial strategy and corporate affairs and a consistent presence alongside CEO Jorgensen, stepped down last month without citing a reason.
Former CEO of Novo Nordisk for 16 years and current chair of the Novo Nordisk Foundation, Lars Rebien Sorensen, will join the board as an observer with immediate effect with the aim of taking a seat at the next annual general meeting, Novo said.
Russian and Ukrainian officials met for less than two hours in Turkiye for their first direct talks in more than three years, aimed at ending the war.
The delegations met on Friday at Istanbul’s Dolmabahce Palace in Turkiye, where the two sides failed to agree on a ceasefire despite pressure from United States President Donald Trump to end the war.
But before they adjourned, Kyiv and Moscow agreed to exchange 1,000 prisoners of war each, according to the heads of both delegations, in what would be their biggest such swap since the war began.
Both sides also discussed a ceasefire and a meeting between their heads of state, according to chief Ukrainian delegate Rustem Umerov.
Umerov said Kyiv believed the next step should be a meeting of the nations’ two leaders.
Umerov told reporters that the first priority in the talks on Friday in Istanbul was to secure the release of prisoners of war, and the second, to secure a ceasefire, adding that the next step should be leader level talks.
Russian presidential aide Vladimir Medinsky, who headed Moscow’s delegation, confirmed that both sides agreed to provide each other with detailed ceasefire proposals and a meeting between their heads of state.
A Ukrainian source told the Reuters news agency, on condition of anonymity, that Russia’s ultimatums to end the war included a demand for Kyiv to withdraw from parts of its territory to obtain a ceasefire, “and other non-starters and non-constructive conditions”.
Russia’s demands were “detached from reality and go far beyond anything that was previously discussed”, the source said.
Medinsky said Moscow was satisfied with the Istanbul talks’ results and was ready to continue talking to Kyiv.
Russian delegation, led by presidential adviser Vladimir Medinsky, attends a meeting with Ukrainian delegation (not pictured) in Istanbul, Turkiye [Murat Gok/Turkish Foreign Ministry/Handout via Reuters].
‘Two paths’ ahead
At the palace, the two delegations sat in front of each other, the Russian officials dressed in suits and half the Ukrainians wearing camouflage military uniforms.
Turkish Foreign Minister Hakan Fidan, who chaired the meeting, told the delegations there were “two paths” ahead of them.
“One road will take us on a process that will lead to peace, while the other will lead to more destruction and death. The sides will decide on their own, with their own will, which path they choose,” Fidan said.
Russia has said it sees the talks as a continuation of the negotiations that took place in the early weeks of the war in 2022, which included demands on Ukraine to cut the size of its military.
Reporting from Istanbul, Al Jazeera’s Bernard Smith said the prisoner exchange, one of the largest since Russia launched its full-scale invasion of Ukraine in February 2022, comes as both sides are “under pressure” from Trump to end the war.
“This could be a way of indicating that there is something worth talking about at these talks,” Smith said. “We know already though, both sides have very different views on how [a deal] should come about – the Ukrainians want an immediate 30-day ceasefire. The Russians want longer-term talks about Ukraine’s status as a neutral country.”
‘Full, unconditional and honest ceasefire’
As the talks were under way, Ukrainian President Volodymyr Zelenskyy said Kyiv’s top priority was “a full, unconditional and honest ceasefire… to stop the killing and create a solid basis for diplomacy”.
Zelenskyy, who was attending a European summit in Albania, said if Russia refused, new sanctions against its energy sector and banks should be imposed.
While Russia has previously said it wants to end the war diplomatically and is ready to discuss a ceasefire, the prospects for a breakthrough in Istanbul were dim after Russia said President Vladimir Putin would not attend.
Batters Shubman Gill and Yashasvi Jaiswal will both get extra time to prepare for the Test series against England after being named in a strong India A squad.
Test opener Jaiswal has been picked for both of the four-day first-class matches against England Lions, starting on 30 May and 6 June.
Gill, one of the leading candidates to replace Rohit Sharma as Test skipper, will join for the second match at Northampton.
In total, nine of the 20-strong squad have been capped at Test level, including wicketkeeper Dhruv Jurel, all-rounder Nitish Kumar Reddy and seamers Akash Deep and Harshit Rana, who all played in India’s last Test series in Australia.
The party also includes Sarfaraz Khan, who scored three fifties in his debut series against England last year, all-rounder Shardul Thakur, attacking left-hander Ishan Kishan and middle-order batter Karun Nair.
Nair, who has played county cricket for Northamptonshire, scored 303 not out against England in 2016 only to be dropped after six Tests, but is hoping to earn a recall this summer.
Left-hander Sai Sudharsan, tipped for a Test debut after scoring 509 runs in 11 matches in the Indian Premier League for Gujarat Titans, is also included.
The five-Test series between England and India begins on 20 June at Headingley and will be the tourists’ first without Rohit and Virat Kohli, who have both recently retired from the format.
Gill has played three Tests in England – one against England in 2022 plus the 2021 and 2023 World Test Championship final defeats by New Zealand and Australia respectively – and has scored only 88 runs at 14.66.
Jaiswal averages 52.88 after his first 19 Tests, including two double centuries against England in India last year, but his only experience playing in England was on a white-ball under-19 tour in 2019.
England’s competitive preparation for the series is the one-off Test against Zimbabwe starting on Thursday.
As Bella Hadid is amongst the many stars currently at Cannes Film Festival, she’s also staying in the resort town’s luxurious Hotel Martinez, which has prices beginning from £2k per night
Bella Hadid is staying in a luxurious five-star hotel for Cannes Film Festival(Image: GC Images)
As Bella Hadid joins the flurry of A-listers attending Cannes Film Festival, the supermodel has shacked up at the five-star Hotel Martinez for the trip – which isn’t short of luxury amenities.
With prices for a room next week beginning from £2,000 per night for a Deluxe King Room and ranging up to £5,000 for a suite, this hotel isn’t easy on the bank account. But after paying a visit to the seven story Hyatt hotel, Mirror could see why it’s a hotspot for celebrities upon taking a look around.
Aside from its exterior, the Hotel Martinez is easily recognisable during Cannes Film Festival by the masses of people crowding outside, hoping to catch a glimpse of the rich and famous. With barriers in place to keep fans at bay, many spend hours waiting for Bella or fellow guests such as Eva Longoria and Heidi Klum to come or go.
The lavish hotel’s lobby is constantly bustling with photographers and famous faces
But once you get through the crowds, and security who will only let you in if you’re a guest or part of the film festival, the hotel is a haven for celebrities.
The lobby, which is filled with a royal blue rug against the white marbled floor, is abuzz with glam teams, photographers, security guards and assistants rushing designer garments back and forth.
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As you walk in, the hotel’s more relaxed bar – Le Sud – is on your right, where you get full view of the front doors and watch all of the chaos unfold with a drink.
The hotel is filled with crowds of waiting fans daily during the festival as they hope to catch a glimpse of the A-list guests
But that drink won’t come cheap, with a glass of wine setting you back 15 euros at a minimum, while soft drinks aren’t on the cheap side either as a 7up or Coca Cola will be nine euros. However, it is a great spot for celeb spotting and for some casual dining.
Through the hotel you have the Martinez Bar, a more exclusive area where reservations cannot be made. Coming alive in the early hours, this is where you’re likely to have a lively drink and potentially bump into some celebs.
Not to mention the on-site fine dining restaurant, La Palme d’Or, which has been awarded one Michelin star. With two set menus, a meal here won’t be cheap, coming in at 200 euros per person for three courses and wine pairings, or 320 euros for five courses with wine pairings.
The hotel’s bar is perfect for people watching, but doesn’t come cheap
The hotel’s rooftop has been taken over by Chopard for the Cannes Film Festival, with the luxury jewellery brand hosting a number of invite-only events throughout the fortnight.
While the rooftop offers stunning views of the beach boulevard
After attending the Caroline’s Couture Chopard fashion show on the hotel’s top floor, we can confirm the rooftop is a highlight of the hotel. Boasting stunning views of the famous La Croisette promenade – especially at sunrise – the rooftop has an intimate bar area and outdoor seating to watch the world go by from a height.
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The rooftop is currently taken over by Chopard for the duration of the festival, with the luxury jewellery brand hosting a number of invite-only events
While the prices may be hiked for the film festival, the hotel does come at a cheaper price for those not bothered about the celeb hustle and bustle, with rooms going down to around £700 per night later this summer.
Former boxing world champion and diehard Everton fan Tony Bellew picks up Toffees legend Peter Reid for a special road trip in honour of the final game at Goodison Park, before heading to the new stadium at Bramley Moore Dock.
There was hope that it would be Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy meeting in Turkiye this week, for the first time since Russia’s invasion of Ukraine in 2022.
That wasn’t to be, after Russia confirmed that Putin would not be travelling to Turkiye. But both countries still sent delegations – agreeing to a prisoner swap – and the meeting in Istanbul on Friday was the first direct talks since shortly after the war began in February 2022.
Some of those talks in 2022 were also hosted by Turkiye, highlighting the central role the country has played in the search for a resolution to one of the world’s most significant geopolitical conflicts.
Turkiye is also poised to expand its influence in Syria, where the US has lifted sanctions on the Turkish-allied government, and has a significant win on the domestic front, after the Kurdistan Workers’ Party (PKK) announced this week that it was disbanding, ending a 40-year war against the Turkish state.
A direct meeting between Putin and Zelenskyy on Turkish soil would have capped off a strong week for Turkiye, but analysts say that its central role to the process is a victory nonetheless.
“Turkiye stands to win diplomatically whichever way the talks go,” Ziya Meral of the Royal United Services Institute (RUSI) said, even if the analyst ultimately was sceptical of any peace framework emerging from the talks. “It fulfils Ankara’s desire to be a negotiator and key player in regional developments. The fact that Ankara is in a position to engage both with the United States and Russia, as well as Ukraine is indeed a diplomatic success.”
Over the last 15 years or so, Turkiye has established itself as a significant diplomatic player, extending its influence across Africa and playing a pivotal role in the overthrow of long-term Syrian leader, Bashar al-Assad, all while maintaining an intensely delicate balancing act between belligerents in the Russia-Ukraine war.
“There are many reasons why Turkiye is hosting the talks,” Omer Ozkizilcik, a non-resident fellow at The Atlantic Council, told Al Jazeera.
“Turkiye started a peace process independent of the US shortly after the invasion, leading to the Istanbul protocols of 2022. This is also a new model of negotiation, pioneered by Turkiye,” he said, referring to the draft peace agreement brokered between the two states that Russia has since accused Ukraine and the West of walking away from.
“Before, neutral states such as Switzerland with no stake in the conflict would mediate. Now, under a new model, Turkiye is successfully negotiating in conflicts where it does have diplomatic, economic and geopolitical stakes,” Ozkizilcik added, listing a number of disputes where Turkiye had played a mediating role, such as that between Ethiopia and Somalia, where Turkiye was able to negotiate in December a “historic reconciliation” in President Recep Tayyip Erodgan’s words.
Turkiye has its own interests across these countries, including its supply of drones to Ukraine and a significant military presence in Somalia. However, it is still able to present itself as a reliable arbitrator in peace talks involving these countries.
“It’s a new Turkish model that is seeing the country emerge as a regional diplomatic power,” Ozkizilcik said.
A handout picture made available by the Turkish Presidential Press Office shows Ukrainian President Volodymyr Zelenskyy, left, and Turkish President Recep Tayyip Erdogan posing for an official photo prior to their meeting in Ankara, Turkiye, May 15, 2025 [Turkish Presidential Press Office Handout/EPA-EFE]
Hot and cold relations with Russia
The balancing act Turkiye has followed in negotiating between Russia and Ukraine hasn’t been easy – particularly when Ankara has had to take into account its opposition to Russian expansionism in the Black Sea region and Moscow’s support for parties opposed to Ankara in the Middle East and North Africa.
Turkiye labelled Russia’s invasion of Ukraine a “war” early in the conflict, allowing it to implement the 1936 Montreux Convention – effectively confining Russia’s military vessels to the Black Sea.
Ankara and Moscow have also found themselves on opposing sides in Libya and Syria. In Libya, Turkiye backs the United Nations-recognised government, in contrast to Russia’s support for armed forces in the insurgent east, while in Syria, Turkiye supported the ultimately victorious opposition forces against the Russian-backed al-Assad regime.
Syria was the source of the biggest tension between the two when, in 2015, Turkiye shot down a Russian fighter jet near the Turkiye-Syria border. The incident triggered a severe deterioration in diplomatic and economic ties, but a Turkish statement of regret led to a rapprochement the next year, and relations have remained strong.
Those strong ties have also survived Turkiye’s supply of drones and other military equipment to Ukraine throughout the course of the war.
Russia has seemingly turned a blind eye to that, and maintains “economic, diplomatic and energy relations” with Turkiye, Ozkizilcik said.
The benefits of good relations with Turkiye seem to outweigh Russia’s unhappiness with some aspects of Turkish policy, and Turkiye’s position as a member of NATO that Russia can still deal with is in itself useful.
In 2022, Turkiye was prominent in opposing Western sanctions on Russia; describing them as a “provocation“. And Turkiye has rarely been content to toe the NATO line, for a time opposing Sweden and Finland’s entry into the alliance, and also agreeing on a deal to buy Russia’s S-400 missile system in 2017.
Turkiye’s purchase of the missile system led to US sanctions, exclusion from the F-35 defence programme and accusations in some quarters that Ankara was “turning its back” on the West as part of a pivot towards Russia.
“Both sides have learned to compartmentalise differences,” Ozkizilcik said. He referred to an attack in 2020 that killed more than 33 Turkish soldiers in Syria by regime forces acting in coordination with Russia. “There were talks, both sides met and addressed the issue and they moved on. More recently, when Turkish-backed forces overthrew the Assad regime, Erdogan still called Putin on his birthday and congratulated him.”
A Russian military official walks in front of The S-400 ‘Triumph’ anti-aircraft missile system of the kind bought by Turkiye: Moscow, Russia, August 22, 2017 [Yuri Kochetkov/EPA-EFE]
Friendship with Ukraine
But Turkiye has been able to strengthen its relationship with the West in the years since, demonstrating its usefulness, particularly when it came to Ukraine.
Turkiye was instrumental in brokering a deal in 2022 to allow Ukraine to export its grain by sea, and has also been firm in its stance that Russian-occupied Crimea – the homeland of the Turkic Muslim Crimean Tatars – be returned to Ukraine.
Steven Horrell, a senior fellow at the Center for European Policy Analysis, believes that Ukraine “appreciates Turkiye’s past support to them”, even if it has some qualms about its ties with Russia.
Zelenskyy has repeatedly thanked Erdogan for his role in facilitating talks and in supporting Ukraine. On Thursday, the Ukrainian leader highlighted Turkiye’s support for Ukraine, and even said that his country’s participation in direct talks – despite Putin’s absence – was “out of respect” for Erdogan and US President Donald Trump.
Earlier in the week, Zelenskyy had thanked Erdogan for his support “and readiness to facilitate diplomacy at the highest level”.
I spoke with the President of Türkiye @RTErdogan to discuss key details of the meeting in Türkiye, which could help bring an end to the war. I am grateful for his support and readiness to facilitate diplomacy at the highest level. We share a common view on the need for a… pic.twitter.com/BX1pw28f3x
The emphasis on mutual respect and friendship highlights that for Ukraine, Turkiye is not an ally it can afford to lose.
And that gives Turkiye some leeway in its ability to maintain close ties to Russia without any negative backlash from the West, and a chance to fulfil some of its own goals.
